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Closing Checklist—Residential Real Estate (Commonly Used Documents)

Seller:

Buyer:

Property:

Lender:

Title insurance agent and underwriter:

Real estate broker(s):

Mortgage broker(s) (if any):

Closing date:

________________________________________________

Warranty Deed

← Review for compliance with statutory requirements

← Verify recording requirements

Closing Statements

← Seller’s closing statement

← Buyer’s closing statement

Commitment for Title Insurance

← Review easements, building and use restrictions, and other recorded instruments

← Confirm that all title insurance company requirements have been satisfied

← Consider enhanced coverage owner’s title policy

← Mark up at closing

Survey

← Review the legal description and compare to the deed, title commitment, tax bill assessed legal description, and drawing

← Review for any survey defects

Escrow Agreements

← Occupancy escrow

← Water escrow

Affidavits and Certificates

← Estoppel certificate (regarding borrowed funds)

← Owner’s affidavit (regarding title matters)

← Property Transfer Affidavit (Michigan Department of Treasury Form 2766)

Homeowner’s Principal Residence Exemption Documents

← Principal Residence Exemption Affidavit (Michigan Department of Treasury Form 2368)

← Request to Rescind Homeowner’s Principal Residence Exemption (Michigan Department of Treasury Form 2602)

← Conditional Rescission of Principal Residence Exemption (Michigan Department of Treasury Form 4640)

← Notice to Assessor of Transfer of the Right to Make a Division of Land (Michigan Department of Treasury Form 3278)—use when land division rights are transferred

Tax-Related Documents

← IRS Form 1099-S

← Certification for No Information Recording (1099-S) on the Sale or Exchange of a Principal Residence—use when gain on the sale does not exceed $250,000 (individual) or $500,000 (married couple filing jointly)

← Nonforeign person affidavit (Foreign Investment in Real Property Tax Act of 1980)

Miscellaneous Sale Documents

← Bill of sale

← Disbursement statement

← Compliance agreement—to correct documentation errors discovered after closing

← Standard one-year home warranty—often included when a broker sells a used home

← Mortgage payoff letter (or letters)

← Subdivision or condominium association status and payoff letter

← Homeowner’s policy of insurance

← Cashier’s check (or checks)

Loan Documents for New Mortgage Loan

← Promissory note

← Mortgage

← Closing Disclosure

← Federal truth-in-lending disclosures

← Waiver of escrow (if applicable)

← Uniform residential loan application

← IRS form W-9, Request for Taxpayer Identification Number and Certification

← Federal Emergency Management Agency standard flood hazard determination

← Error and omissions/compliance agreement

← Borrower’s certification and authorization

← Affidavit and agreement

← Notice of assignment, sale, or transfer of servicing rights

← Letter detailing monthly payment amount

Housekeeping Items

← Keys, alarm codes, garage door openers, appliance warranties and manuals, etc.

← Walk-through inspection to verify condition, repairs, and other items as necessary

← Real estate purchase agreement and amendments—review to determine closing documents and issues

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